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The Confederation of Indian Industry (CII) has said that the Indian economy requires a Rs 3 lakh crore fiscal stimulus, including cash transfer to households through Jan Dhan accounts to spur economic growth amid the pandemic. It also pitched for appointment of a 'Vaccine Czar' for speedy vaccination coverage. It also expects GDP to grow at 9.5 percent in 2021-22 as the strong growth in the second half of the fiscal year will be supported by robust external demand and large-scale coverage of vaccination, allowing resumption of economic activity.

CII has stated that the suitable fiscal measures to alleviate the stress of people impacted by the second wave of COVID-19 are the need of the hour. It said the Indian economy is a consumption-led economy and the pandemic has impacted the consumer demand. Due to this, the chamber has called for measures such as cash transfer as a number of actions are needed to deal with this demand shock.

Measures suggested by it include enhanced MNREGA allocations from the budgeted amount; short-term and focused GST cuts to boost demand; time bound tax relief/interest subvention/stamp duty concession for home buyers; LTC cash voucher scheme like last year; and extension of the Aatmanirbhar Bharat Rozgar Yojana till March 31, 2022. It also asked for ensuring timely payment to companies including MSMEs; accelerating public works programmes to ensure implementation of NIP; hiking ECLGS (Emergency Credit Line Guarantee Scheme) amount to Rs 5 lakh crore, reduction in excise duty on fuel and inclusion of ATF (aviation turbine fuel) and other fuel products in GST (Goods and Services Tax).